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Post by venceremos on Mar 22, 2022 14:20:51 GMT 1
Cutting fuel duty won't really help anyone that much. We'd all do better to reduce our fuel consumption and the numbers of journeys we make.
It would be better if, for once, Sunak helped those in work by at least deferring the NIC increase, or helped people who may be in fuel poverty and perhaps not have a car, by cutting tax on energy bills.
Separate point - according to that article, fuel duty plus VAT equates to about 70p per litre. As we switch away from petrol and diesel (only 8 years until sales of new petrol vehicles end), the loss of government revenue will be massive. They can't add a consumption-based duty or increase VAT on electricity from 5% because it's indistinguishable from domestic electricity.
The obvious question to ask is what will replace it? There's got to be a big and increasing tax hike coming from somewhere. A notional additional electricity duty based on vehicle ownership perhaps? Or a huge increase in vehicle excise duty? At least the current fuel duty taxes those who use their cars the most. Replacing it seems like it might be a challenge.
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Post by davycrockett on Mar 22, 2022 14:31:36 GMT 1
Cutting fuel duty won't really help anyone that much. We'd all do better to reduce our fuel consumption and the numbers of journeys we make. It would be better if, for once, Sunak helped those in work by at least deferring the NIC increase, or helped people who may be in fuel poverty and perhaps not have a car, by cutting tax on energy bills. Separate point - according to that article, fuel duty plus VAT equates to about 70p per litre. As we switch away from petrol and diesel (only 8 years until sales of new petrol vehicles end), the loss of government revenue will be massive. They can't add a consumption-based duty or increase VAT on electricity from 5% because it's indistinguishable from domestic electricity. The obvious question to ask is what will replace it? There's got to be a big and increasing tax hike coming from somewhere. A notional additional electricity duty based on vehicle ownership perhaps? Or a huge increase in vehicle excise duty? At least the current fuel duty taxes those who use their cars the most. Replacing it seems like it might be a challenge. Electric cars don’t pay vehicle tax or fuel duty tax so the (400 miles a day on motorways) Mondeo driver of the today the Tesla driver pays nothing. With both petrol and fuel duty the government are going to make a windfall though VAT. With energy cost projections they could reduce VAT to less than 2% and raise the same revenue. |
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Post by venceremos on Mar 22, 2022 15:40:27 GMT 1
Cutting fuel duty won't really help anyone that much. We'd all do better to reduce our fuel consumption and the numbers of journeys we make. It would be better if, for once, Sunak helped those in work by at least deferring the NIC increase, or helped people who may be in fuel poverty and perhaps not have a car, by cutting tax on energy bills. Separate point - according to that article, fuel duty plus VAT equates to about 70p per litre. As we switch away from petrol and diesel (only 8 years until sales of new petrol vehicles end), the loss of government revenue will be massive. They can't add a consumption-based duty or increase VAT on electricity from 5% because it's indistinguishable from domestic electricity. The obvious question to ask is what will replace it? There's got to be a big and increasing tax hike coming from somewhere. A notional additional electricity duty based on vehicle ownership perhaps? Or a huge increase in vehicle excise duty? At least the current fuel duty taxes those who use their cars the most. Replacing it seems like it might be a challenge. Electric cars don’t pay vehicle tax or fuel duty tax so the (400 miles a day on motorways) Mondeo driver of the today the Tesla driver pays nothing. With both petrol and fuel duty the government are going to make a windfall though VAT. With energy cost projections they could reduce VAT to less than 2% and raise the same revenue. Yes but what happens as petrol and diesel consumption - and therefore fuel duty - starts to recede, which will happen quickly after 2030? And, as an aside, what will happen to all those petrol forecourts, sitting on contaminated land? |
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Post by Pilch on Mar 22, 2022 15:53:00 GMT 1
Cutting fuel duty won't really help anyone that much. We'd all do better to reduce our fuel consumption and the numbers of journeys we make. It would be better if, for once, Sunak helped those in work by at least deferring the NIC increase, or helped people who may be in fuel poverty and perhaps not have a car, by cutting tax on energy bills. Separate point - according to that article, fuel duty plus VAT equates to about 70p per litre. As we switch away from petrol and diesel (only 8 years until sales of new petrol vehicles end), the loss of government revenue will be massive. They can't add a consumption-based duty or increase VAT on electricity from 5% because it's indistinguishable from domestic electricity. The obvious question to ask is what will replace it? There's got to be a big and increasing tax hike coming from somewhere. A notional additional electricity duty based on vehicle ownership perhaps? Or a huge increase in vehicle excise duty? At least the current fuel duty taxes those who use their cars the most. Replacing it seems like it might be a challenge. Electric cars don’t pay vehicle tax or fuel duty tax so the (400 miles a day on motorways) Mondeo driver of the today the Tesla driver pays nothing. With both petrol and fuel duty the government are going to make a windfall though VAT. With energy cost projections they could reduce VAT to less than 2% and raise the same revenue. but that will change as soon as petrol & diesel cars become a minority on the road , the worrying thing for me is the average non luxury electric car costs £27K at the moment my current car cost me £2700 and was 10 years old I'm looking forward to buying my first 2nd hand electric car and finding out it needs a new battery at the moment a replacement Tesla battery would cost almost £9k and that's without labour and costs and it will be fun charging these cars for those of us who don't have a drive can't wait  |
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Post by GrizzlyShrew on Mar 22, 2022 16:11:32 GMT 1
Cutting fuel duty won't really help anyone that much. We'd all do better to reduce our fuel consumption and the numbers of journeys we make. It would be better if, for once, Sunak helped those in work by at least deferring the NIC increase, or helped people who may be in fuel poverty and perhaps not have a car, by cutting tax on energy bills. Separate point - according to that article, fuel duty plus VAT equates to about 70p per litre. As we switch away from petrol and diesel (only 8 years until sales of new petrol vehicles end), the loss of government revenue will be massive. They can't add a consumption-based duty or increase VAT on electricity from 5% because it's indistinguishable from domestic electricity. The obvious question to ask is what will replace it? There's got to be a big and increasing tax hike coming from somewhere. A notional additional electricity duty based on vehicle ownership perhaps? Or a huge increase in vehicle excise duty? At least the current fuel duty taxes those who use their cars the most. Replacing it seems like it might be a challenge. Reducing our fuel consumption and number of journeys just isnt an option for delivery drivers, who are probably the biggest users. Drivers actually need to make more journeys right now to try and stop the shelves running dry at the shops and supermarkets. |
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Post by Pilch on Mar 22, 2022 16:33:28 GMT 1
Cutting fuel duty won't really help anyone that much. We'd all do better to reduce our fuel consumption and the numbers of journeys we make. It would be better if, for once, Sunak helped those in work by at least deferring the NIC increase, or helped people who may be in fuel poverty and perhaps not have a car, by cutting tax on energy bills. Separate point - according to that article, fuel duty plus VAT equates to about 70p per litre. As we switch away from petrol and diesel (only 8 years until sales of new petrol vehicles end), the loss of government revenue will be massive. They can't add a consumption-based duty or increase VAT on electricity from 5% because it's indistinguishable from domestic electricity. The obvious question to ask is what will replace it? There's got to be a big and increasing tax hike coming from somewhere. A notional additional electricity duty based on vehicle ownership perhaps? Or a huge increase in vehicle excise duty? At least the current fuel duty taxes those who use their cars the most. Replacing it seems like it might be a challenge. Reducing our fuel consumption and number of journeys just isnt an option for delivery drivers, who are probably the biggest users. Drivers actually need to make more journeys right now to try and stop the shelves running dry at the shops and supermarkets. there are things you could do does your van have a traffic light system in it to ensure you stick to the speed limit, don't accelerate harshly, don't unnecessarily idle etc not only does ours warn me if step over the mark it alerts my bosses too ;-( I presume you have a planned out route to save milage though ? ps your van looks to big for you too ;-) |
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Post by GrizzlyShrew on Mar 22, 2022 17:10:34 GMT 1
Reducing our fuel consumption and number of journeys just isnt an option for delivery drivers, who are probably the biggest users. Drivers actually need to make more journeys right now to try and stop the shelves running dry at the shops and supermarkets. there are things you could do does your van have a traffic light system in it to ensure you stick to the speed limit, don't accelerate harshly, don't unnecessarily idle etc not only does ours warn me if step over the mark it alerts my bosses too ;-( I presume you have a planned out route to save milage though ? ps your van looks to big for you too ;-) Wasnt actually thinking about me, I'm very small fry in the delivery chain. I was thinking more about artic size deliveries and the like. Electric not really an option there any time soon. |
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Post by sheltonsalopian on Mar 23, 2022 10:35:12 GMT 1
Anyone else looking forward to being shafted by the budget later today? if a 5p tax cut on fuel is the best he can come up with we really are in trouble.
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Post by South Stand Salopian on Mar 23, 2022 13:54:28 GMT 1
Fuel duty cut by 5p
Sunak outline measures to help.
First up will be a 5p cut to fuel duty - "the biggest cut to all fuel duty rates ever".
The cut will come into force at 18:00 tonight and last until March next year, he says.
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Deleted
Deleted Member
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Post by Deleted on Mar 23, 2022 14:00:08 GMT 1
Anyone else looking forward to being shafted by the budget later today? if a 5p tax cut on fuel is the best he can come up with we really are in trouble. Fuel prices have increased by more than 5p in the last month alone. Shameful lack of action by the chancellor. |
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Post by staffordshrew on Mar 23, 2022 14:09:56 GMT 1
Reality check:
"The average price of a litre of petrol has risen more than 40p a litre since last year’s Spring Statement, which means the government is getting an extra 7p per litre in VAT, which is the other tax the government imposes on fuel.
Diesel prices are up by nearly 50p a litre, almost 9p of which is VAT.
So the chancellor can afford to cut fuel duty by 5p and still be making more per litre in tax than he did a year ago".
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Post by staffordshrew on Mar 23, 2022 14:17:52 GMT 1
This must rank as one of the most pathetic "jam tomorrow" promises ever; "in his final announcement, he says that before the end of this Parliament in 2024, "for the first time in 16 years" the basic rate of income tax will be cut from 20p to 19p in the pound".
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Post by Pilch on Mar 23, 2022 14:18:30 GMT 1
yeah, march 23rd  Damned if they do Damned if they don’t |
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Post by GrizzlyShrew on Mar 23, 2022 14:36:33 GMT 1
So how much of this 5p per litre do you thing the greedy forecourts will pass on?
Very easy one to hide behind as the prices change almost daily.
It wont be the customer that will win with this one, that's for sure.
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Post by GrizzlyShrew on Mar 23, 2022 14:47:18 GMT 1
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Post by northwestman on Mar 23, 2022 15:02:40 GMT 1
This must rank as one of the most pathetic "jam tomorrow" promises ever; "in his final announcement, he says that before the end of this Parliament in 2024, "for the first time in 16 years" the basic rate of income tax will be cut from 20p to 19p in the pound". So why doesn't he just reinstate the upgrades to personal tax allowances which he's frozen until 2026? |
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Post by frankwellshrews on Mar 23, 2022 15:08:19 GMT 1
Are wholesale prices plummeting though? The price of Brent crude isn't; It dipped below $100 last week but it's back up at $120 today. Any dip in wholesale costs is likely temporary and I expect retailers are wary of triggering a run on stock by dropping prices too sharply in the current climate; you'd just have empty pumps again like we started to see at the start of the conflict. Given Brent is up about 20% since last week and climbing that 5p isn't going to go very far. |
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Post by staffordshrew on Mar 23, 2022 15:15:55 GMT 1
This must rank as one of the most pathetic "jam tomorrow" promises ever; "in his final announcement, he says that before the end of this Parliament in 2024, "for the first time in 16 years" the basic rate of income tax will be cut from 20p to 19p in the pound". So why doesn't he just reinstate the upgrades to personal tax allowances which he's frozen until 2026? That's an easy one: Because he's a devious little rodent who knows that an income tax cut will be tomorrow's headline, then next year's headline, then the year after - even then it will probably only actually happen from the following April 5th tax year.
Apart from 5p off the extra 7p to 9p he is making, which the customer is not going to see passed on to them, nothing for pensioners with big new heating bills and, apart from a small 3.1% rise, fixed incomes.
Pension rise from April 3.1%: Inflation rate this month 6.2% = Pensioners 3.1% worse off.
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Post by wakemanender on Mar 23, 2022 15:21:27 GMT 1
Lots of issues presently going on to deflect partygate attention off Boris.
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Post by martinshrew on Mar 23, 2022 15:28:57 GMT 1
Lots of issues presently going on to deflect partygate attention off Boris. So it should, an embarrassing carry on. Time to move onto pressing issues such as preventing WW3, global energy crisis and inflation control. |
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Post by staffordshrew on Mar 23, 2022 15:41:33 GMT 1
Lots of issues presently going on to deflect partygate attention off Boris. So it should, an embarrassing carry on. Time to move onto pressing issues such as preventing WW3, global energy crisis and inflation control. Yes, time to fudge it all, blur the memory, divert the attention, as usual with Boris's various indiscetions over the years. |
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Post by davycrockett on Mar 23, 2022 15:42:33 GMT 1
Confirmed that they might by the reporter ………. great bit of detective work Sherlock 👍 |
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Post by northwestman on Mar 23, 2022 15:58:58 GMT 1
So it should, an embarrassing carry on. Time to move onto pressing issues such as preventing WW3, global energy crisis and inflation control. Yes, time to fudge it all, blur the memory, divert the attention, as usual with Boris's various indiscetions over the years. And the issue isn't just about party gate. It's about Boris's lies from day 1, the latest being that after saying that MPs should be restricted to reasonable limits from having 2nd jobs like Paterson's, he's now back tracked and is allowing the likes of Cox to continue to rake in the money. www.theguardian.com/politics/2022/mar/17/plans-to-cap-uk-mps-earnings-from-second-jobs-dropped |
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Post by GrizzlyShrew on Mar 23, 2022 16:19:49 GMT 1
I see the local Shell stations in Telford are looking towards cutting the 5p/ltr cost - they have all added 3p/ltr to the price today (to diesel at least, cant remember what the petrol price was).
Still I havnt used a Shell station in years due to them always being dearest in the area, not likely to start now.
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Post by martinshrew on Mar 23, 2022 17:15:06 GMT 1
Tesco Momentum 99 for me every time. Better for the engine and genuinely appears to last better.
It might be £167.9 now, but it's a very highly rated fuel and also used to be well over 10p dearer than unleaded which is a bonus the gap has shortened, hopefully it stays 5p above at the most.
There's a lot of people questioning the efficiency of E10 already.
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Post by northwestman on Mar 23, 2022 17:24:02 GMT 1
Meanwhile, nothing for the pensioners.
Rushi Sunaks wife fortune is estimated to be at £430million, making her richer than the Queen whose personal wealth spans £350million. Despite her wealth she claimed up to £100,000 of taxpayer’s cash to pay furloughed staff at her gym business.
A report by the government actuary, Martin Clarke, published on Jan 17, showed that if the Government had kept its pledge to keep the triple lock, and raise the basic and new state pensions by 8.3%, in line with earnings, in April, the accumulated surplus in the National Insurance Fund would still have been more than £50bn in 2022/23 and remained above that figure in 2026/27. That is more than double the surplus needed by the fund to operate safely.
12 million pensioners will hopefully show their displeasure at the ballot box.
The Government should aim to raise the state pension to match the yearly equivalent of the national living wage (NLW). The NLW is rising to £9.50 an hour (i.e. £19,760 a year for F/T 40 hours per week), which we are told is needed to live, yet pensioners are expected to live on a state pension of £7,376 a year, unless they also have a private pension in place.
Telegraph reader.
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Post by martinshrew on Mar 23, 2022 17:34:43 GMT 1
Meanwhile, nothing for the pensioners. Rushi Sunaks wife fortune is estimated to be at £430million, making her richer than the Queen whose personal wealth spans £350million. Despite her wealth she claimed up to £100,000 of taxpayer’s cash to pay furloughed staff at her gym business. A report by the government actuary, Martin Clarke, published on Jan 17, showed that if the Government had kept its pledge to keep the triple lock, and raise the basic and new state pensions by 8.3%, in line with earnings, in April, the accumulated surplus in the National Insurance Fund would still have been more than £50bn in 2022/23 and remained above that figure in 2026/27. That is more than double the surplus needed by the fund to operate safely. 12 million pensioners will hopefully show their displeasure at the ballot box. The Government should aim to raise the state pension to match the yearly equivalent of the national living wage (NLW). The NLW is rising to £9.50 an hour (i.e. £19,760 a year for F/T 40 hours per week), which we are told is needed to live, yet pensioners are expected to live on a state pension of £7,376 a year, unless they also have a private pension in place. Telegraph reader. Pensioners also aren't paying a mortgage at the UK average of £9,036 a year. |
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Post by staffordshrew on Mar 23, 2022 17:40:27 GMT 1
Meanwhile, nothing for the pensioners. Rushi Sunaks wife fortune is estimated to be at £430million, making her richer than the Queen whose personal wealth spans £350million. Despite her wealth she claimed up to £100,000 of taxpayer’s cash to pay furloughed staff at her gym business. A report by the government actuary, Martin Clarke, published on Jan 17, showed that if the Government had kept its pledge to keep the triple lock, and raise the basic and new state pensions by 8.3%, in line with earnings, in April, the accumulated surplus in the National Insurance Fund would still have been more than £50bn in 2022/23 and remained above that figure in 2026/27. That is more than double the surplus needed by the fund to operate safely. 12 million pensioners will hopefully show their displeasure at the ballot box. The Government should aim to raise the state pension to match the yearly equivalent of the national living wage (NLW). The NLW is rising to £9.50 an hour (i.e. £19,760 a year for F/T 40 hours per week), which we are told is needed to live, yet pensioners are expected to live on a state pension of £7,376 a year, unless they also have a private pension in place. Telegraph reader. Pensioners also aren't paying a mortgage at the UK average of £9,036 a year. They do, however, appreciate a bit of warmth and so will be hit hardest by energy price increases.
Those at the lower end of the scale, relying on state pension and maybe still paying rents, well, they have some big choices to make: Heat or eat?
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Post by northwestman on Mar 23, 2022 17:46:02 GMT 1
Meanwhile, nothing for the pensioners. Rushi Sunaks wife fortune is estimated to be at £430million, making her richer than the Queen whose personal wealth spans £350million. Despite her wealth she claimed up to £100,000 of taxpayer’s cash to pay furloughed staff at her gym business. A report by the government actuary, Martin Clarke, published on Jan 17, showed that if the Government had kept its pledge to keep the triple lock, and raise the basic and new state pensions by 8.3%, in line with earnings, in April, the accumulated surplus in the National Insurance Fund would still have been more than £50bn in 2022/23 and remained above that figure in 2026/27. That is more than double the surplus needed by the fund to operate safely. 12 million pensioners will hopefully show their displeasure at the ballot box. The Government should aim to raise the state pension to match the yearly equivalent of the national living wage (NLW). The NLW is rising to £9.50 an hour (i.e. £19,760 a year for F/T 40 hours per week), which we are told is needed to live, yet pensioners are expected to live on a state pension of £7,376 a year, unless they also have a private pension in place. Telegraph reader. Pensioners also aren't paying a mortgage at the UK average of £9,036 a year. A fifth of the UK’s homeowners will still be paying off their mortgage after they stop earning, according to startling new figures that reveal the legacy of interest-only loans and delayed first-time buying. Around 3 million people now expect to still be repaying their home loan after the current state retirement age. People are repaying their mortgage later in life, with one in five homeowners aged 55 and over saying they expected to keep up payments in their 70s. |
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Post by northwestman on Mar 23, 2022 17:51:49 GMT 1
The Office for Budget Responsibility’s verdict warns that living standards will fall at the fastest pace on record.
With inflation surging to the highest in decades, the fiscal watchdog says the unprecedented squeeze means real living standards won’t reach pre-pandemic levels for two years.
The public finances have emerged from the pandemic in better shape than expected. But Russia’s invasion of Ukraine will push inflation to a 40-year high of almost 9%, and living standards are set for a historic fall over the next 12 months.
Higher inflation will erode real incomes and consumption, dragging growth this year down to just 3.8%, from 6% forecast before.
The OBR explains:
With inflation outpacing growth in nominal earnings and net taxes due to rise in April, real livings standards are set to fall by 2.2% in 2022-23 – their largest financial year fall on record – and not recover their pre-pandemic level until 2024-25.
A 2.2% fall in real household disposable incomes per person would be the largest fall in a single financial year since ONS records began in 1956-57.
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